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New Delhi [India], May 20 (ANI): A recent Certified Practising Accountant (CPA) Australia survey has revealed an overwhelming optimism among <keyword id="21735155" type="General" weightage="100" keywordseo="Indian-small-businesses" source="keywords">Indian small businesses</keyword>, with 84 per cent anticipating continued growth in 2024, significantly surpassing the market average of 70 per cent. Despite global <keyword id="20413867" type="General" weightage="20" keywordseo="economic-uncertainties" source="keywords">economic uncertainties</keyword>, 80 per cent of Indian respondents remain confident about the local economy's prospects for 2024, well above the survey average of 65 per cent. This buoyant outlook has been on an upward trajectory since 2022, highlighting the resilience and dynamism of India's small business sector. <keyword id="21735156" type="General" weightage="20" keywordseo="CPA-Australia-survey" source="keywords">CPA Australia survey</keyword> showed a rise in the growth rate of Indian <keyword id="390673" type="General" weightage="20" keywordseo="small-businesses" source="Orion">small businesses</keyword> from 73 per cent in 2022 to 77 per cent in 2023--the highest since 2019. Indian small businesses are riding a wave of optimism and growth, according to <keyword id="21735157" type="General" weightage="20" keywordseo="CPA-Australia" source="keywords" meta.keywordsubtype="org" meta.entityname="CPA Australia" meta.hostid="261" meta.entityid="CPA Australia">CPA Australia</keyword>'s latest annual Asia-Pacific Small Business Survey. The survey reveals that over three-quarters of Indian small businesses reported growth in 2023, surpassing pre-pandemic levels and making India's small business sector one of the most dynamic and fastest-growing in the Asia-Pacific region. Prafulla Chhajed, a CPA member of CPA Australia in India, emphasized the critical role of Micro, Small, and Medium-sized Enterprises (<keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in driving India's economic success. Chhajed said, "Micro, Small and Medium-sized Enterprises (MSMEs) are making a significant contribution to India's economic success. Not only is India's rapid economic growth and improving business environment boosting their confidence, support from the government ranging from digitalisation to access to funds, is assisting businesses to recover from the pandemic." He further said, "India's small businesses are enthusiastically improving their performance through innovation, adopting technologies, and building connections with overseas markets. 'Good staff' was nominated as the top positive factor that benefited India small business performance in 2023. It explains why Indian respondents have been so willing to add new employees over the past two years". "This year the pace in jobs creation by small businesses is expected to slow, although remain high in comparison to other markets. This is most likely due to a combination of factors including increasing levels of automation and rising labour costs," he added. However, Chhajed cautioned that the pace of job creation might slow down due to rising automation and labor costs, though it will still remain high compared to other markets. The survey highlighted several challenges faced by Indian small businesses, including increasing costs, competition, and cashflow difficulties. Staff and material costs were particularly detrimental in 2023, rising slightly from the previous year. To cope with these expenses and support growth, 68 per cent of small businesses sought external funding last year, though this figure dropped 20 percentage points from 2022. This year, 81 per cent plan to seek finance, despite tougher financing conditions. Only 42 per cent of respondents found it easy to secure funds in 2023, a sharp decline from 69 per cent in 2022. This trend is expected to continue, with just 43 per cent anticipating ease in accessing funds this year, down from 64 per cent previously. "Difficulty in accessing finance is a common challenge for small businesses worldwide. Though government loans like <keyword id="20151906" type="General" weightage="20" keywordseo="pradhan-mantri-mudra-yojana" source="keywords">Pradhan Mantri MUDRA Yojana</keyword> (PMMY) helps to foster entrepreneurship by offering financial support, MSMEs should not solely rely on borrowing to fund their long-term development, particularly in a high-interest rate environment", Chhajed explained. A significant number of Indian small businesses focused on managing costs and cash flow last year. Among the technologies they invested in, accounting software was particularly popular, with 23 per cent adoption. Professional advice was also sought frequently, with 34 per cent consulting accountants and 38 per cent seeking advice from friends and family. "Indian MSMEs are very competitive in many areas such as digitalisation and innovation, now they should focus on cost management and cashflow to increase their financial return. It's wise to use accounting software to control cost and analyse financial performance regularly. Further, financial experts like qualified accountants may provide professional advice to small businesses to manage technical issues like taxation and improve financial performance", Chhajed suggested. Indian small businesses also show a strong inclination towards innovation and global expansion. Leading the 11 surveyed markets, 34 per cent of respondents expect substantial revenue growth from overseas markets this year, significantly higher than the survey average of 19 per cent. Additionally, 44 per cent plan to introduce new products or services, compared to the market average of 29 per cent. Chhajed said, "The Indian government has established good platforms to bolster our MSMEs' global expansion, for example, international trade fairs for MSMEs. He added, "They could leverage these opportunities to connect with overseas customers and promote their novel products globally. Besides, our thriving digital economy also fosters MSMEs' innovation and revolution in the digital era." The survey gathered insights from 4,222 small businesses across 11 Asia-Pacific markets, including 505 respondents from India, providing a comprehensive overview of the region's small business landscape. (ANI)

84% of Indian small businesses anticipate robust growth in 2024: CPA Australia survey

New Delhi, To bring down the debt burden, the government has taken various measures like increasing the tax revenue buoyancy, enhancing the public expenditure effectiveness, commitment to reducing fiscal deficit and augmenting the productive efficiency, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Monday. In addition to strengthening the financial system, the government has more than doubled its effective capital expenditure from Rs 6.57 lakh crore in 2020-21 to Rs 13.71 lakh crore and Rs 14.97 lakh crore in 2023-24 (BE) and 2024-25 (BE), respectively, to crowd in private investments, she said in the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword>. The government's emphasis on increasing capital expenditure will not only boost the investments, but also return a higher GDP growth to lower the debt burden, she said. Simultaneously, she said, the state governments have been incentivised to increase their capital spending through measures like 50-year interest-free capex loans and front-loading of tax devolution instalments. Various other measures like reduction of the corporate tax rate, liberalisation of foreign direct investment, and enhancement of ease of doing business have created supportive conditions for sustained growth in private investment, she said. As a result, the overall investment rate in the economy consolidated at 29.2 per cent of GDP in 2022-23 and further improved to 29.8 per cent in 2023-24 as per the advance estimates by NSO, she said. Impacted by COVID-19, the debt to GDP ratio increased to 89.6 per cent at the end of the pandemic year 2020-21. After a sharp rise in government debt in 2020-21 on account of the revenue shortfall and additional spending requirements due to the pandemic, the general government debt relative to GDP has gradually declined over the last two years to reach around 81 per cent at the end of March 2023 (provisional), she said. Buoyant revenue collection, rebalancing of spending from revenue to capital expenditure and robust real GDP growth in the post-pandemic years have led to a decline in the government debt relative to GDP, she added. Replying to another question, <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> said more than 46.15 crore loans amounting to Rs 27.38 lakh crore have been sanctioned to the borrowers under the <keyword id="19959985" type="General" weightage="20" keywordseo="pradhan-mantri" source="keywords">Pradhan Mantri</keyword> Mudra Yojana (PMYY) as of January 26, 2024. Complaints with regard to the implementation of PMMY are redressed in consultation with respective banks. The complaints received at the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) are also being taken up with respective banks for redressal within the prescribed timelines, she said. Pradhan Mantri Jan <keyword id="20000588" type="General" weightage="20" keywordseo="dhan-yojana" source="keywords">Dhan Yojana</keyword> (PMJDY) has been successful in increasing banking penetration to promote financial inclusion across the country, she said in a separate reply. A total of 51.61 crore Jan-Dhan accounts with a deposit balance of Rs 2,17,218 crore have been opened as of January 17, 2024, under PMJDY, the minister said. Of the total, 28.60 crore (55.5 per cent) Jan-Dhan accounts belong to women, and about 34.41 crore (66.8 per cent) PMJDY accounts have been opened in rural and semi-urban areas.

Various measures taken to reduce debt burden, strengthen economy: FM

Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> on Thursday said the future needs flexible workplaces, a work-from-home ecosystem and flexible work hours, adding that these should be used as opportunities for women's labour force participation. Addressing the National Conference of Labour Ministers of all states through video conferencing in Tirupati, Prime Minister <keyword id="6354642" type="General" weightage="100" keywordseo="modi" source="Orion">Modi</keyword> reiterated the various efforts by the government like <keyword id="14813046" type="General" weightage="20" keywordseo="pradhan-mantri-shram-yogi-maandhan-yojana" source="Orion">Pradhan Mantri Shram-Yogi Maandhan Yojana</keyword>, <keyword id="2747429" type="General" weightage="50" keywordseo="pradhan-mantri-suraksha-bima-yojana" source="Orion">Pradhan Mantri Suraksha Bima Yojana</keyword> and <keyword id="6524177" type="General" weightage="80" keywordseo="pradhan-mantri" source="Orion">Pradhan Mantri</keyword> Jeevan Jyoti Bima Yojana, that have given security cover to the workers. "These schemes have assured the labourers of the recognition of their hard work and contribution. The Emergency Credit Guarantee Scheme, according to a study, saved 1.5 crore jobs during the pandemic," he said during his speech. Modi further pointed out the e-Shram portal is one of the key initiatives to bring the labour force under the ambit of social security. "In just one year, about 28 crore workers from 400 areas have been registered on the portal. This has especially benefited construction workers, migrant labourers, and domestic workers," he said. The Prime Minister requested all the ministers to integrate state portals with the e-Shram portal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/takeouts-without-plastics-is-impractical-now-say-restaurants-with-few-or-no-eco-friendly-options/articleshow/93783273.cms">Takeouts without plastics is impractical now say restaurants with ‘few or no’ eco-friendly options</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/india-has-strong-forex-reserves-to-face-macro-difficulties-despite-the-recent-fall-sp/articleshow/93782057.cms">India has strong forex reserves to face macro difficulties despite the recent fall: S&amp;P</a>

Now, PM Modi bats for flexible workplaces and says they help women

A parliamentary committee has recommended setting up population-based cancer registries in rural areas to help data-driven and evidence-based policy formulation. It has also suggested raising taxes on tobacco products citing that increasing their market price would make them less affordable. This will result in lower consumption and decrease the risk of tobacco-related diseases, including cancer, the panel said. The <keyword id="46535" type="General" weightage="80" keywordseo="health-ministry" source="Orion">health ministry</keyword> must pursue with the Department of Revenue to expedite the decision on raising taxes on tobacco products, the Department-related Parliamentary Standing Committee on Health and Family Welfare said in its 147th report. It was presented in <keyword id="48510" type="General" weightage="80" keywordseo="rajya-sabha" source="Orion">Rajya Sabha</keyword> on Friday. It said for better policy formulation on cancer treatment and uniform distribution of cancer care, there is an urgent need to have realistic information about the incidence and type of cancers across the country. The committee said that the health ministry should take appropriate steps to persuade state governments to participate in the formulation of the cancer atlas so that the entire Indian population is covered under Population Based Cancer Registries (PBCRs). This will help in data-driven and evidence-based policy formulation, it said. It suggested that PBCRs can be linked to the Ayushman Bharat Digital Mission to record data of cancer patients to get real-time information on cancer-related illnesses. "The committee has taken note that currently PBCRs cover 16 per cent of the Indian population only. Therefore, it is quite necessary that the National Cancer Registry Programme cover the population of India extensively, in order to have a unified national database for scientific understanding of epidemiology of cancer," the report said. Stressing a robust screening mechanism for cancer, the committee suggested that one day in a month can be fixed for cancer screening. While appreciating the government's impetus on an institutional framework for cancer care and management and financial support for combating cancer, the committee said cancer must be dealt with separately instead of being a part of other lifestyle and non-communicable diseases. It recommended the demerger of the National Cancer Control Programme (NCCP) from the National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular diseases and Stroke (NPCDCS) to have a better focus on screening, early diagnosis and management of cancer. In its report, the committee said that in all the leftover districts Non-Communicable Diseases (<keyword id="131571" type="General" weightage="50" keywordseo="ncd" source="Orion">NCD</keyword>) clinics should be set up at the earliest and more healthcare professionals be trained for screening of common cancer. The panel highlighted that adequate human resource in cancer centres is crucial for their complete operationalisation and recommended setting up subsidised or free accommodation for patients and their relatives near cancer hospitals. The National Health Authority (<keyword id="672062" type="General" weightage="80" keywordseo="nha" source="Orion">NHA</keyword>) should consider including all types of cancer diagnostic tests under the Ayushman Bharat <keyword id="6524177" type="General" weightage="50" keywordseo="pradhan-mantri" source="Orion">Pradhan Mantri</keyword> Jan Arogya Yojana (AB-PMJAY), it said. It appreciated that in compliance with the committee's recommendations, the NHA has approved the inclusion of diagnostic tests under the AB-PMJAY with respect to breast, cervical and oral cancer. The committee noted that the health ministry has set up the e-Sanjivini Ayushman Bharat-Health Wellness Centre (AB-HWC), where doctor-to-doctor telemedicine services can be delivered through the hub and spoke model. It recommended that this model should be strengthened so that the opinions of experts can be provided to cancer patients in isolated and backward areas. The ministry should instruct National Cancer Grid (<keyword id="1502308" type="General" weightage="50" keywordseo="ncg" source="Orion">NCG</keyword>) officials to explore group negotiation of commonly used high-value cancer drugs with pharmaceutical companies through a transparent central tendering platform to have substantial discounts on cancer drugs. Since the mandate of the National Pharmaceuticals Pricing Authority is to ensure the availability of drugs at affordable prices, the committee reiterated that the pricing of cancer drugs should not be guided by profit as in the case of the other businesses. If it is not possible to reduce the profit margin of such drugs, the government may subsidise it, it said in its report. "The committee feels that the submission made by the Secretary, Department of Pharmaceutical, before the committee that over a period of about eight years or so the actual price increase in the drugs had been only between two to four per cent, does not mean that each manufacturer keeps the price of the drug below 10 per cent, as the mechanism permits them to make the hike up to 10 per cent," the report said. The committee said the government should rationalise the annual price hike limit of cancer drugs from 10 to five per cent in order to rescue poor cancer patients. It also suggested the ministry look at subsidising the healthcare cost for cancer patients and declare radiotherapy service as an essential commodity. The ministry should take the matter on board immediately and declare radiotherapy service as an essential commodity so that patients can get some relief from bearing the high cost of the service, it said. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/india-puts-curbs-on-laptop-and-tablet-imports-heres-how-it-could-impact-you/articleshow/102430014.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/india-puts-curbs-on-laptop-and-tablet-imports-heres-how-it-could-impact-you/articleshow/102430014.cms" target="_blank">India puts curbs on laptop and tablet imports – here’s how it could impact you</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-sees-a-declines-in-q2-vivo-in-the-lead/articleshow/102417485.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-sees-a-declines-in-q2-vivo-in-the-lead/articleshow/102417485.cms" target="_blank">Indian smartphone market sees a declines in Q2; Vivo in the lead</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-recover-in-july-2023/articleshow/102347978.cms">Electric two-wheeler sales recover after spending June in the pitlane</a>

Parliamentary panel recommends setting up of population-based cancer registries in rural areas

To give impetus to the youth and help the 'Amrit Peedhi' realise their dreams, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Wednesday said that the government has formulated the National Education Policy, focused on skilling, adopted economic policies that facilitate job creation at scale and support business opportunities. In her Budget 2023-24 speech in <keyword id="6354721" type="General" weightage="80" keywordseo="parliament" source="Orion">Parliament</keyword>, the Minister also announced the roll-out of direct benefit transfer under a pan-India National Apprenticeship Promotion Scheme to provide stipend support to 47 lakh youth in three years. The <keyword id="8905174" type="General" weightage="80" keywordseo="pradhan-mantri-kaushal" source="Orion">Pradhan Mantri Kaushal</keyword> Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next three years and emphasise on on-job training, industry partnership, and alignment of courses with the needs of the industry. "The scheme will also cover new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills," <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/insurance-policies-where-premium-is-above-5l-no-more-tax-exempt/articleshow/97521396.cms">Insurance policies where premium is above ₹5L no more tax exempt</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/income-tax-bonanza-capex-push-emerge-as-the-stars-of-budget-2023-24/articleshow/97521646.cms">Income tax bonanza, capex push emerge as the stars of Budget 2023-24</a>

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84% of Indian small businesses anticipate robust growth in 2024: CPA Australia survey

ANI

Various measures taken to reduce debt burden, strengthen economy: FM

PTI

Now, PM Modi bats for flexible workplaces and says they help women

IANS

Parliamentary panel recommends setting up of population-based cancer registries in rural areas

PTI

Budget for stipend to 47 lakh youth under apprenticeship scheme

IANS

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